GLL Real Estate Partners borrows $182M from Deutsche Pfandbriefbank for 589 Fifth Avenue

Macquarie Infrastructure and Real Assets’s GLL Real Estate Partners through the entity 589 LGA LLC as borrower signed a loan agreement with lender Deutsche Pfandbriefbank AG valued at $181.6 million for the 17-story office and retail building at 589 Fifth Avenue in Grand Central. The deal closed on October 8, 2019 and was recorded on October 22, 2019.
The property contains a total of 156,319 square feet of built space.
The average loan per buildable square foot is $1,162.
The loan package includes $175 million from a CMBS deal assigned to the German bank, as well as $6.6 million in new debt.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 24, 2017.
Over the past five years, there have been 21 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 21 renovation/alteration projects (A2) applied for with a total estimated value of $4,178,737.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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